Tariffs to write problems with VCS against Klarna’s background, IPO Stubhub delay

Already under pressure against the background of last week Stock market schedule with dollar dollarsCurrently, the venture capital industry is facing an even more stringent worldview against the background of constant uncertainty that stems from US tariffs.

Quite initial public proposals or mergers and absorptions – combined with the trend that startups are now privately – gave greater tension on the Funds of the LCD. Usually, venture capitalists can only be aware of the profit from their investment when the company becomes public or sold, allowing them to earn cash.

A few days after the US president Donald Trump The announced plans to impose so-called mutual tariffs on the reins of the countries, it turned out that the two large technological unicorns-firm Fintech Klarna and the StubHub-Ticket Platform were supported by the public because of a sharp drop in the global stock markets. In particular, in recent weeks, both companies have filed initial public proposals.

“No one can get out of this turbulence,” said Tobias Bengtsdal, a partner of the Nordics Fund VC Antler’s Nordics, CNBC said on Thursday. “If the market is immersed as it is now … You have to make the same outlook in private markets.”

Because private markets do not move the same as state markets, it becomes more difficult to get out and assemble capital – whether from the stock market or venture capital – because they can eventually be reduced.

“We do not change the assessment of our startups just because the stock market is declining,” said Bengtsdal Antler. Startup estimates supported by enterprises usually change when they raise a new round of capital.

“It has a huge impact on fundraising now and startups that increase multi-stage investors,” he added.

This may soon make it more complicated for startups- and especially firms that are engaged in the growth of venture capital. Firms of the later stage are usually more exposed to state markets than startups at an early stage, given that they are closer than most to reach the IPO milestone.

Private markets are less liquid than state markets, that is, investors cannot easily sell stocks. The main way of private capital owners sells some of their share in the company – this is an IPO or M&A – also known as “exit”. The second alternative is to sell the stock to another investor in the secondary market.

“(General partners) will be under pressure (with a limited partner) to make sure that these exits happen,” said Alex Bar, a partner and head of the private market management firm Sarasin Strate, said CNBC on Thursday, adding that the iPOS remains “very unwavering.”

General partners are investors running the venture fund, while limited partners are institutional investors like pension funds and hedge funds albo people with high value that pour money into funds.

Limited partners invest in the venture fund in the hope that they will receive significant profitability over their lives, which can cover as long as 10 years. Funds in the early stage are hoping that several startups in their portfolio will receive such results as, for example, the return results Uber and Hold They reapped for their private fans.

On the other hand, uncertainty can be a chance for private startups in Europe, according to Sanjot Mali, a partner at the Northzone Ventan capital.

“A short-term pause in the IPO activity is a natural reaction to the recent market turbulence, and we can count on more clarity on the company’s position if some stability feeling will be restored,” Mali CNBC said.

However, he added that “if talent and liquidity find the US environment less welcoming, this flow should go somewhere, and Europe has a chance to benefit.”

Christel Piron, CEO of the PSV Foundry Investor, told CNBC that the “silver lining” of the uncertainty created by the tariffs is how “Europe is closer to each other against the backdrop of turbulence.”

“We see more founders who choose here and scale here, conditioned by an increasing sense of responsibility to help build an elastic European technological nation,” Pyron said.

According to Malhi Northzone, there may also be other routes to get out of venture capital funds – including merger and absorption.

“If the IPO global window narrows in the long run, then we still expect a strong M&A landscape, because the stakeholders are looking for a” solution, “he said CNBC.

However, he added, this increases the risk of compulsion of the late stage firms into the so -called “reduced” when startups are collected by reducing estimates.

“We can also observe the increase in the fees in the next stage, as companies seek to overcome the gap in capital until they can find such opportunities, albeit with potentially less evaluation,” Mali said.

Next down, investors hold hope for large technological IPOs, which will then return to Trump’s presidency. Vcs had counted on Trump administration As a result of the activated IPO market.

“Many feel that Trump has promised them to open the IPO market and open the M&A market,” said Bengtsdal Antler.

“Now it’s six months in its term,” he added, noting that the market could carry the inability of the new administration to fulfill this key in the early days. “But people demand that it happen in its term.”